Sheridan
Content Writer
December 2, 2020

Is Chip still free?

In short: yes, Chip is still free. 

However, we’ve made a few changes to our subscription to make it easier for you to choose what features suit you best.

We’ve built three plans:

  • ChipLite
  • ChipAI
  • ChipX (coming 2021)

All savers will be auto-enrolled onto a 28 day free trial of our most popular plan; ChipAI. 

We’ve worked hard to make these changes as fair as possible in order to enable as many of  our savers to continue using our algorithm and savings rules, like Payday Put Away

What does ChipAI include?

ChipAI gives you unlimited access to the very best features of Chip. 

  • Full access to our award winning AI
  • Unlimited use of exclusive auto-saving rules, such as Payday Put Away
  • Earn 1.25% bonus in the Chip+1 account on funds up to £5,000. find out more and check eligibility here.
  • Deposit into market leading, FSCS eligible Interest Accounts

And soon there’ll be access to Investment funds too. 

What do I get with the ChipLite plan?

Our free ChipLite plan limits access to some of what we do best, but still allows you to earn returns on your savings. 

  • Earn 1.25% bonus in the Chip+1 account on funds up to £2,000
  • Deposit into market leading, FSCS eligible Interest Accounts

And soon there’ll be access to Investment funds too.  


How do the charges work? 

The first £100 you auto-save with ChipAI is a free trial. After your free trial expires, a small £1.50 fee applies every 28 days. 

You can downgrade to our free plan, ChipLite whenever you want. ChipLite offers limited access to Chip’s AI services. You can still earn returns and interest, but you will need to manually move money into the account. 

Why we've decided to do this now

We believe, very passionately, that everyone possesses the ability to save, and Chip’s 250,000+ downloads is pretty compelling proof that something’s working.

In just 365 days with Chip, our savers are able to save an average of £1839 through autosaves alone.

We do this through Open Banking, machine-learning and tailored algorithms that our data team constantly tweaks, so our savers get the best experience possible.

Chip’s tech has helped our community of savers pay for weddings, holidays of a lifetime, house deposits, and much, much more (check out the Sauce for some amazing Saver Stories).

If this algorithm can genuinely help you save money you normally wouldn't, and reach these lifetime goals, we hope you won't mind paying a small fraction for that service at this point of value.

Keeping Chip clear, fair and not misleading

One of the core principles of Chip is being transparent and fair to all our savers.

There’s no point disrupting the savings industry if we’re going to behave like an old-fashioned bank. Not only do we have nothing to hide, we’ll never build anything we want to hide in the first place.

We totally understand that this will be a shock to some savers. We’re owned by over 15,000 amazing investors and we want to make Chip as scalable and sustainable as possible for them, but also for our entire community of savers too.

The ultimate thing that drives us is to help our savers put more aside without feeling it. If we can do that for you, and do it well, then we think it’s fair to charge a small amount for this service.

Have another question?

We’ve probably answered it here

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